Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

EUR/USD: Neutral: In a broad 1.1120/1.1375 range now.

We just shifted to a neutral stance yesterday and there is no change to the view. The current movement is likely part of a broad consolidation phase and we expect this pair to trade within a broad 1.1120/1.1375 range from here.

GBP/USD: Neutral: Likely in a broad 1.4050/1.4400 range.

As mentioned yesterday, despite the sharp drop over the last few days, we are not convinced that the current decline in GBP is the start of a sustained down-move. That said, the short-term pressure is clearly on the downside and we would have to re-evaluate our view if there is a clear break below 1.4000.

All in, GBP has to reclaim 1.4205 in the next 1 to 2 days or the downward pressure will continue to build.

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AUD/USD: Change to Neutral: Neutral: Pull-back is expected to extend lower to 0.7410/15.

The unexpected sharp drop suggests that AUD has topped at the high of 0.7649 yesterday (target at 0.7740 not met). The current decline is viewed as a corrective pull-back but strong short-term downward momentum suggests that an extension lower to test last week’s low near 0.7410/15 would not be surprising.

Resistance is at 0.7580 but only a move back above 0.7620 would indicate short-term stabilization.

NZD/USD: Neutral: Back into a broad 0.6650/0.6800 consolidation range.

There is no change to the neutral view and we continue to expect NZD to trade listlessly within a broad 0.6650/0.6800 range.

USD/JPY: Bearish: Increasing risk that a short-term low is in place.

While the high of 112.90 yesterday held below the bearish stop-loss at 113.00, the persistent USD strength suggests an increasing risk that USD has likely made a short-term bottom at the recent low of 110.65 (target at 110.00 not met).

Unless this pair can move below 112.00 in the next few sessions, the odds for further down-move will continue to diminish.